This would be very bad news.

If I live to be 100 years old, I suspect I’ll still be futilely trying to educate politicians that there’s not a simplistic linear relationship between tax rates and tax revenue. You can’t double tax rates, for instance, and expect to double tax revenue. Simply stated, there’s another variable – called taxable income – that […]

I’m periodically asked about proposals to impose “small” taxes on transactions. There are a couple of versions of this idea. In some cases, such proposals are designed to tax every economic transaction and supposedly generate enough money to replace all other taxes. In recent years, though, I’m usually asked about levying a “Tobin Tax,” which […]